Marketing Unit 3


Terms in this set (...)

The process of planning ana executing the conception, pricing, promotion and distribution of ideas goods and services to create exchanges that satisfy individual and organisational objectives
Marketing simplified
Marketing is the total system of interacting activities designed to plan, price promote and distribute products to present and potential customers
Attributes of marketing- Persuasion
Persuading customers to buy products by identifying and offering fufillment of needs and wants
Attributes of marketing- Elements of customer purchase decisions
Do I want/need to buy a product, which product will be purchased to satisfy the particular need or want
Atttibutes of marketing- Levels of marketing
Encourage identification of need or want, encourage satisfaction with particular product, product differentiation, form a new need or want
Main goal of marketing and how it is achieved
Increase profits and sales... persuade existing customers to buy more or more expensive goods or attract new customers
A Situational analysis involving the identification and analysis of internal strengths and weaknesses of the business and the opportunities in, and threats from, the external environment
Swot- Strengths
The assets or resources that offer businesses a competitive advantage or benefit
SWOT- weaknesses
Deficiencies that comoromise the ability for the business to achieve its goals
SWOT- Opportunities
Favourable conditions not being currently taken advantage of
SWOT- Threats
Events or outcomes that threaten the existence, income or value of assets of the business
Competitive analysis
Identifying competitors and evaluating there strengths and weaknesses relative your yours
Competitive analysis questions
Who, what do they sell, markrt share, past strategies, current strategies, media used in promotion, strengths and weaknesses, threats they pose and opportunities they make available
Product life cycle element impact
Product, price, promotion, distribution
Product life cycle- Intro
Business tries to increase consumer awareness and market share
Product life cycle- growth
Brand acceptance and market share are actively pursued by the producer of the product
Product life cycle- maturity
Sales plateau as market saturates
Product life cycle- decline
Sales begin to decline leaving the business with several options
Marketing objectives
Increase market share, expand the product mix, diversify, increase the size of the existing market, maximise customer service
Target market
A group of customers with similar characteristics who presently or who may in the future purchase the product
Approaches for target market
Mass marketing, market segmentation, niche marketing
4 elements of market segmentation
Demographic, Psychographic, Geographic, Behavioural
Demographic target market factors
Age, gender, education, family size, income occupation, social class
Behavioural target market
Dividing the total market according to the customers relationship to the product... purchase occasion, benefits sought, loyalty, price sensitivity
Market research
Process of systematically recording and analysing information considering a specific marketing problems
Research process
Identify problem, collect primary secondary data, analyse interpret data
Primary data methods
Survey, observation and experiment methods
Secondary data method/types
Internal (customer feedback slips, sales reports) and external (ABS Reports, industry averages)
Implications of research
Information for consumer preferences, product positives and negatives, promotional efficiency and market size
Product marketing strategies
Positioning, branding, product mix, logo/slogan, packaging
Place concepts/ strategies
Physical location, distribution channels... non store retailing
Promotional strategies/ techniques
Advertising, direct marketing, sales promotion, personal and relationship selling, publicity/public relations, internet marketing
Price methods
Cost based, market based, competition based, Break even analysis
Price strategies
Price penetration, skimming, loss leader pricing, price points
Product differentiation
The process of developing and promoting differences between the goods and services of a business with its competitors
Differentiation methods
Customer service, convenience, environmental concern, social ethical concern
Performance evaluation
Business evaluating the effectivness of its marketing efforts through examination of financial and non financial KPI's
Financial KPI's
Sales revenue, patterns of sales revenue, reduction of expenses, profitability
Non Financial KPI's
Quality and customer service
Ethical considerations
Tobacco, alcohol, fast food, deceptive/misleading advertising, environmental sustainability and responsible products
Promotion aims
Attract new customers, increase brand loyalty and encourage existing customers to purchase more
Roles of a Marketing Manager: Smeide
Situational (life cycle, competitive and SWOT), Market research, establish objectives, identify target markets, develop strategies, Evaluate performance